Southern California home sales fell to their lowest level in nine years last month as price appreciation continued to take a haircut, data released today showed. In July, 22,712 homes closed escrow in the six-county region, according to La Jolla-based research firm DataQuick Information Systems. That was a 27% drop from the year before and was the fewest number of homes to close escrow in a July since 1997. Waning sales coupled with a rising supply of unsold homes is weighing on price appreciation. In July, the median price of a Southern California home rose 4.9% to $492,000 – the slowest rate of growth in more than six years. The price also edged down 0.2% from the record median of $493,000 set in June. The latest figures will undoubtedly rev up the debate over whether the Southland’s housing sector will be able to navigate a ‘soft landing’ that produces only moderate price declines. Regardless, the statistics further underscore the changing nature of the region’s real estate market. ‘Current trends suggest that the market is heading into a lull,’ said DataQuick analyst Andrew LePage. How long the lulls lasts will depend ‘on a host of […]